By TIOL News Service

NEW DELHI, NOV 28, 2024: INDIA and France can collectively expand agricultural and food processing for the world's food security using innovative sustainable practices. This was stated by Union Minister of Commerce & Industry, Piyush Goyal at the Asia Pacific Commission (APAC) 2024 Forum organised by the French Foreign Trade Advisors in New Delhi today. He further stated that using sustainable practices can have a mitigating factor on climate change and its emerging adverse impact across the world.

Goyal stated that India and France have a huge potential for partnerships in renewable energy with the International Solar Alliance (ISA) having been a runaway success. Over 100 countries have taken membership of this alliance co-sponsored and spearheaded by India and France, he said. Elaborating on the solar alliance, he underlined the efforts of both the countries to take clean and renewable energy to the emerging countries and lesser developed countries of the world.

On the aerospace sector, the Minister stated that India is the world's largest aviation market with 1500 planes ordered with the capability of taking the order up to 2000. Noting that for the next three decades Indian aviation market will be the largest demand aggregator, he urged the French aviation sector to explore opportunities to set up manufacturing facilities in India. He also emphasised that India has been building airports rapidly, from 74 in 2014 to 125 today. He also announced that the Government is planning to add 75 more airports by 2029.

Goyal noted that India has been rapidly expanding its defence sector as well and the Centre is encouraging companies from across the world to manufacture in India providing them 100% ownership of their companies. The Minister calling for a greater collaboration with France in the defence sector also underlined in his speech that the Government, with its robust patent-protected regime, does not insist on technology transfer.  

On automobiles and electric vehicles (EVs), the Minister emphasised that India and France have the potential to co-innovate technologies and create a sustainable mobility revolution in India. He stated that India has a large pool of first-time vehicle owners and providing them with sustainable options will be easier. On collaboration in digital technology, Goyal pointed out that both nations can foster startups in cybersecurity, AI, e-commerce and quantum technologies. Noting that India-France Year of Innovation 2026 will be a milestone in fostering technology-driven growth, he stated that this initiative will promote joint projects in IT, healthcare, renewable energy and smart cities.

True strength in the India-France partnership lies in 'Trust', he said. Expanding further, he pointed out that both are trusted partners which will strengthen the continued engagement in investments in manufacturing and services. With Global Capability Centres (GCCs) setting up shop in India to leverage talent and affordability of India operations, India and France have the ability to co-innovate to improve the innovation landscape and also explore knowledge partnerships between academia of two countries, he added.

Speaking about proliferation of trade between the two nations, he shared that bilateral trade for FY24 reached USD15 billion, with Indian exports at USD7 billion and imports at USD8 billion. He emphasised that despite robust trade, these numbers are suboptimal and only narrate a small part of the story. Given the strength of two economies, he expressed hope that trade between the two countries will grow much bigger, better and faster. Notably, France is the 11th largest foreign direct investor for India and over 750 companies have its presence here, with 70 Indian companies working in France contributing to employment generation and skill development.

Goyal highlighted that India and France are celebrating 75 years of diplomatic friendship and 25 years of strategic ties this year. He added that both nations are republics with liberty, equality and fraternity at the core of our constitution, both believe in multilateralism and both nations believe in the rule of law. The Minister further shared that over the decades India-France partnership has evolved into a robust framework encompassing space exploration, defence, civil nuclear energy, digitalisation and a shared vision for the Indo-Pacific region. The adoption of the Horizon 2047 roadmap has further consolidated our shared vision for the next 25 years, he said. The Minister further during his address also invited French collaboration in India's infrastructure projects involving industrial cities spanning 20 locations across the country creating world-class connectivity and urban ecosystems.

Earlier, Goyal read out a special message from the Prime Minister Narendra Modi underscoring the ties between India and France based on trust, shared values and a forward-looking vision.